Samsung has discussed a deal with a payments start-up that would help the smartphone maker introduce a mobile payments system in 2015 to rival Apple, multiple sources told Re\/code.<\/p>\n
The technology would allow people with certain Samsung phones to pay in stores by waving their phones instead of swiping with a credit card or cash.<\/p>\n
It was not yet clear if Samsung had reached a deal with the start-up, US-based LoopPay.<\/p>\n
[contextly_sidebar id=”UZTMBoOA8jji1qMk1YCYVWk4z61nwJfV”]One source said the deal could still fall apart. A prototype of the payments system working on a Samsung phone has been created, the other source said.<\/p>\n
A Samsung spokesman and LoopPay CEO Will Graylin declined to comment.<\/p>\n
LoopPay\u2019s technology can wirelessly transmit the same information stored on a debit or credit card\u2019s magnetic stripe to a store\u2019s checkout equipment without swiping a card.<\/p>\n
The company has embedded the technology, which it calls magnetic secure transmission, into a few hardware products it sells directly to consumers: a fob and a digital payment card that can be used on its own or while secured in a special LoopPay smartphone case.<\/p>\n
To complete a purchase, LoopPay users tap any of these devices near the spot on a store\u2019s credit card terminal where a card is usually swiped.<\/p>\n
Since the technology mimics a card swipe, it works in far more locations than Apple Pay or Google Wallet, which require a store to upgrade to NFC equipment.<\/p>\n
LoopPay\u2019s CEO told Re\/code earlier this month that his company\u2019s technology would be embedded into a mainstream smartphone in 2015 that would have “massive penetration”.<\/p>\n
He declined to name the phone maker then, and declined again when asked about the Samsung discussions.<\/p>\n
He also said the partnership with the unspecified phone maker would allow payment information to be transmitted to the merchant via NFC technology in addition to via LoopPay’s traditional magnetic stripe-mimicking technology.<\/p>\n
Users would not have to open up an app to transmit their payment, he added.<\/p>\n
<\/p>\n
Source: Telecompaper<\/p>\n
<\/p>\n
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